But actually, there were some gloomy signals in it. One was a downward revision to May orders, and it’s not just that the overall level of orders was revised lower, but that the revision was concentrated in the core-capital-goods segment.

“From what I hear, a few Street economics shops are nudging down their Q2 GDP forecasts on this soft investment number,” said Stephen Stanley, chief economist of Pierpont Securities, in a note to clients. The MarketWatch consensus is for growth of 3.2% in the second quarter. Already, Morgan Stanley has lowered its forecast to 3.2% from 3.3%.